[ANN] [XMG] MAGI | CPU mining | mPoW | mPoS | [MagiPay]

[Jeremy450]

Jeremy450,
What I am wondering is why big minors keep on mining xmg. If they go for money, there are other coins that gain more money if they use huge miningpower.

They mine when coin profitable and switch to other when not. Nothing personal just money.  There is not a lot cpu only coins.

Guys who cry about big hashers:  I don`t think you want help community - you just want have more money with your lower hp.  But someone else always have more power than you and you hate them.  

PS: If you want create absolutely "fair" coin - stop mining and just give 1 coin for everyone by document ID , it will be fair.  

i'm more interested in fairness for everyone. not just myself. i dont hate ppl with more hashrate then me. Who cares if they have more hashrate then me. they are just make more unfair to other ppl

if you want to believe me or not about the fairness i'm going on about it doesnt bother me at all. but to have ppl in this very forum make out that magi is better to buy then mine or that they are better then other and then to find them on the pools with high hashrates when they know the coin is suffering cos of ppl like that. makes my blood boil. And then many pools not trying to help out doesnt help matters for everyone.

we have newbies trying the coin for the first time with raspberry pies and that. it would take them forever to to 1 coin. as 111magic pointed out the coin is ment to be for "ordinary miners.". what do the think the newbies going to do then they trying mining magi. they'll give up cos they will feel its pointless.

[Jeremy450]

LOL i wish. But yeah sorry mate i maybe not on the speed limiting pools, i'm on minerclaim (feel free to look me up) but i'm obeying the limits that other pools are using. My total hashes doesnt exceed 265kh total. my average hash rate is 242kh (currently doing 237). Sorry mate you got the info wrong there. unlike one people who i wont mention he is doing 1000kh on minerclaim.

Go ahead and mention, I've given my hashrate earlier in this thread. And would not be using the same name as I do on this forum if I wanted to hide my activity.

I'll speak my peace a bit more clearly this time. Your constant crying isn't going to slow anyone down.  By constantly posting your repetitive complaints you are just reducing the signal-to-noise ratio in this thread. If you've got a better idea for a coin, please release it. You can call  it "Crybaby Coin". Otherwise, could you please STFU!

like the name you wanna help?

[Jeremy450]

Looking for a place to mine Magi?
Come to https://cryptotastic.net!!!
Not only are we a mining pool, I am trying build a fun community through Discord
https://discord.gg/PxCv68R

!!!Be Warned!!!
You must keep your total hash speed per wallet below 250 kh/s. 
And preferably at approximately 128 kh/s
I believe that all cpu miners allow you to limit how much cpu you are using per running session.
Either by overall cpu% or by number of threads(cores) and which ones to use per wallet session.
Need help configuring your miner, come to the discord channel and we will give you a hand.

We will not tolerate farms mining Magi.
You will be banned and your earning confiscated and restributed.

Not bad idea but you need to have some calculator of mid hash per user in intervals of 2 hours bc readings of the pool variate you cant ban someone bc of false reading at that moment, i was one of the guys who monitored 8 hours per day pom pool over the summer 2015 and it was loads of work i was checking hash every 5 mins, and calculated mid hash over interval of 2 hours per user.
If you have experience in coding you will be better to automate that process. Good luck

I say nothing about banning normal users breaking the limit.  will block them hoping they will come to my discord channel to ask why and help  them limit their speeds.  As of now I have not banned or blocked anyone running over 250 kh/s exept one farm. the others left on the own. I only say farms will be banned.  it pretty easy to see a farm when in one isntance 112 nodes running from the same ip and wallet. another example was 311 nodes also coming for the same ip and wallet address. 

isnt too hard to do something like that. my c++ is very crappy though. but it not hard to take samples at intervals and compare them based on harsh rate and ip and even adding a unique signature to the miner deamon on the server side to help track would help in the analyzing it.

[HeftyMagi]

Looking for a place to mine Magi?
Come to https://cryptotastic.net!!!
Not only are we a mining pool, I am trying build a fun community through Discord
https://discord.gg/PxCv68R

!!!Be Warned!!!
You must keep your total hash speed per wallet below 250 kh/s.  
And preferably at approximately 128 kh/s
I believe that all cpu miners allow you to limit how much cpu you are using per running session.
Either by overall cpu% or by number of threads(cores) and which ones to use per wallet session.
Need help configuring your miner, come to the discord channel and we will give you a hand.

We will not tolerate farms mining Magi.
You will be banned and your earning confiscated and restributed.

Not bad idea but you need to have some calculator of mid hash per user in intervals of 2 hours bc readings of the pool variate you cant ban someone bc of false reading at that moment, i was one of the guys who monitored 8 hours per day pom pool over the summer 2015 and it was loads of work i was checking hash every 5 mins, and calculated mid hash over interval of 2 hours per user.
If you have experience in coding you will be better to automate that process. Good luck

I say nothing about banning normal users breaking the limit.  will block them hoping they will come to my discord channel to ask why and help  them limit their speeds.  I only say farms will be banned.  it pretty easy to see a farm when in one isntance 112 nodes running from the same ip and wallet. another example was 311 nodes also coming for the same ip and wallet address.  

That is good idea to help miners on discord that is really great approach. Good Luck, ill come by and mine a little when nethash normalize. Cheers

[trader03]

the whole point these pools are trying to help magi!!!!!!

other pool arent. and really its time for the developers to step in and do something about this.

Developers. cant you see how annoyed everyone is getting with this. Atleast we got pools who a trying to help your coin.

Now its your turn to do something

this is amid at you 111magic and joe! Especially 111magic who is actively avoiding any of this and answering trivial comments.

if the pools and the developers actually joined forces it isnt hard to do changes where by only registered pools are allowed on the magi network and allow miners to mine
then that way the pools can help enforce the limitations and everyone can actually fairly mine and earn which in turns boosts the magi network and its rank in the market and earnings for all.

Then for solo miners the only way to mine is through the wallet but have a hard code limit set in the wallet that way it reduces the the load on the network.

It isnt rocket science guys!!! theses changes arent too hard to integrate

by doing this it helps can take care of the network and stop this from happening again and protects the network from outside influence, etc.

and you know what this always does? it brings the community closer and empowers the magi coin further

if you cant see any of what i said you either dont care or are blinder then me who has 10% sight!!!!

this is my challenge to you 111magic and joe and the rest of the developers and the pools and for the community. Do we want to protect our coin or do want it say F**k IT and let the whalers take control!!!???

Why do you want to centralize the network (Only allowing register pools to operate, what about solo-miners)? In short - that's you suggestion? There is no way we are going down the path of centralization on a decentralized network.
The problem with us regulating who has the right to mine (or how to use it) is directly against the decentralization part.

The current way of controlling it now is to lower the block value (What each new block is worth) when magi is being mined like this without centralizing mining. The problem is there is no way of telling when a block is found that the block was created
by my, you, the good pool or the bad pool. Which lowers the block reward to the amount where it's not worth mining.

The best solution to this problem is information about how magi works and spread it to everyone. Tell them that if you mine in the sweetspot - everyone gots a bigger piece of the pie for the amount of work (your computer) you input, fair and square.

There is numerous post about this part earlier in the magi thread.

Sure - pool owners can decide if they want implement rules about limiting hash per use. The point is that it's theirs decision - It's their service.

Hello friend ex33s, and what is the sweet spot? 

[Jeremy450]

for web side of the pool using a captcha/recaptcha verification would stop the use of auto account create bots.

[finlaydag33k]

Why do you want to centralize the network (Only allowing register pools to operate, what about solo-miners)? In short - that's you suggestion? There is no way we are going down the path of centralization on a decentralized network.
The problem with us regulating who has the right to mine (or how to use it) is directly against the decentralization part.

The current way of controlling it now is to lower the block value (What each new block is worth) when magi is being mined like this without centralizing mining. The problem is there is no way of telling when a block is found that the block was created
by my, you, the good pool or the bad pool. Which lowers the block reward to the amount where it's not worth mining.

The best solution to this problem is information about how magi works and spread it to everyone. Tell them that if you mine in the sweetspot - everyone gots a bigger piece of the pie for the amount of work (your computer) you input, fair and square.

There is numerous post about this part earlier in the magi thread.

Sure - pool owners can decide if they want implement rules about limiting hash per use. The point is that it's theirs decision - It's their service.

Please do note that if you lower the block value too much, it might be that XMG won't be mined at all since it's not very profitable (or in a best-case scenario - which is very unlikely to happen - the value will go up).

Let's say this is the case:
a pool finds a block with a value of 1XMG.
100 shares were needed to find this block.
each share would equal 0.01XMG
That's nothing wrong, 0.01XMG is still ~$0.015 with the rate of 1XMG = $1.50

Now imagine this:
a pool finds a block with a value of 0.1XMG.
100 shares were needed to find this block.
each share would equal 0.001XMG or ~$0.0015 with the rate of 1XMG = $1.50
That's still doable.


Now for our more real-world example:
a pool finds a block with a value of 0.2XMG (which is about the current worth of a block)
381,728 shares were needed to find this block.
Each share would equal to about 0.000000523933272XMG or ~$0.000000785899908 with the rate of 1XMG = $1.50
That means you have to get 100k shares in order to get 0.0523933272XMG or ~$0.0785899908
With a Ryzen7 1700X AND an i5-4460 I get about 4 shares per second.
10000 / 4 == 25000seconds ==  ~7 hours
Now do the simple math to get your est. daily earnings:
24 / 7 == 3.42857142857
3.42857142857 * $0.0785899908 == $0.26945139702
The rigs shown above take about 220watts (total) and let's say power costs about $0.05 (which is dirt-cheap).
This means I have a daily loss of about $0.00545139702
Now if that is the case, people would quickly stop IF the block values didn't go up or the prices go up.


Of course, those examples are just that, examples, but it should give you to think about.

[oxothuk]

This means I have a daily loss of about $0.00545139702

I guess current block value is temporary solution to test network after fork. Ofcourse with such reward nobody will mine this coin..

maybe some happy fans  

[finlaydag33k]

I guess current block value is temporary solution to test network after fork. Ofcourse with such reward nobody will mine this coin..

maybe some happy fans  

I don't know wether it's temporary or not (I'm not the dev so), but it was just to show that lowering the block value (without the coin value increasing) isn't a good idea

[GAZK]

Jeremy450,


I would like to respond to this. Magi is meant for ordinary miners. What I am wondering is why big minors keep on mining xmg. If they go for money, there are other coins that gain more money if they use huge miningpower.
So maybe its just an an attempt to disrupt our friendly strong community.
Thats not going to work. Magi community grew huge in the last 3,5 years.

Without offending someone, this is a discussion that has taken place much earlier in this forum. Given the participants in this discussion (many newbies) I can imagine that not everyone is aware of this.
But think you made your point here. Great responses followed from different poolowners. Thats great community spirit

If you ask Magi team what we should stand up & do something about it and its not rocket-science than maybe you should stop with quote some many posts with your own comment & posts how it should be done!

Personal i'am not avoiding your question or remarks. The whole Magi team likes to receive feedback even if it is critical. We all can learn about it. Looking at your latest 15 posts it all about the same subject.

Nobody ever called me blind or said i don't care about the future of Magi. I ask you to look neatly in the mirror and ask yourself what you can do to improve the future for Magi.

You guys did everything great in last few weeks HF, wallets, fast fixes you deserved week of good sleep and not to be attacked by guy who is angry bc he is not biggest hasher on the pool

LOL i wish. But yeah sorry mate i maybe not on the speed limiting pools, i'm on minerclaim (feel free to look me up) but i'm obeying the limits that other pools are using. My total hashes doesnt exceed 265kh total. my average hash rate is 242kh (currently doing 237). Sorry mate you got the info wrong there. unlike one people who i wont mention he is doing 1000kh on minerclaim

if i didnt want to obey the limits. i could do 623kh/s. but in this situation the coin needs to helped not hindered

We got the 1800kh quote from YOU, sir.

thats another member
if you like i'll resay what i said and correct it too
theres 2 people in this forum who have replied to my msgs with smart aleck answers one doing currently just under 1000 and the other who has dropped his speed by 500kh to 1350kh

i'm not trying to cause issues, etc. but i hate it when people bluntly say smart aleck answers to make out they are not whalers, etc. and that magi is beyond them and they buy it, etc. But if you go looking on the pools you can easily spot them.

If you are including me in that statement, I have never said I wasn't a "whale" nor have I referred to whales as "them"... I also haven't tried to hide it.  If I was trying to hide it, I would not have the same name here as on the pools.  

I have plenty of hash power to be considered a whale but I've got most of it pointed at Monero since before the XMG issue. Monero has been more profitable for me for at least the past month.

I did put most of my hash towards XMG for a while trying to get to the hardfork... so it would get here faster.  I didn't hear any complaints from anyone then... but of course I wouldn't... it was benefiting everyone at that point, so it was "ok".

I don't feel like it is unreasonable for me to have 600kh for a while since I was forgoing any profit from mining Monero to try and help Magi get to the hard fork.

[finlaydag33k]

Little question:
If I unlock my wallet for mintonly, then relock it, then unlock it again to send a transaction, then lock it again and unlock it again in mintonly.
Would this reset my minting?

I think it doesn't, but I just want to make sure before I keep on staking for nothing xD

[Sam67]

I think whales just jumped on Magi once they saw the recent price increase without knowing how the coin works. They don't understand that their rewards don't increase just because they use more hashing power. Once they realize they can make more money on another coin they will point their rigs elsewhere.

[drgauravxmg]

The application has requested the runtime to terminate it in an unusual way.
Please contact the Application's Support Team for more information.

The new update stops syncing with the network, after a while, with this error.

Please help.

Anyone with this technical error?

have you updated to the latest version ? (1.4.5.3) , had same problem before

As mentioned, the new update IS 1.4.5.3. Facing issues with the same

[ex33s]

Thank you!

Can we see more of those how-it-works articles? Maybe we can redirect the forum thread away from whiney-miners onto a topic more interesting and generally more productive. I'd like to learn more about progress toward roadmap goals, governance, which system (PoW, PoS) has what job in chain, marketing, budgets and fund-raising, bounties ... anything!

The mining-focused previous 20+ thread pages aren't usefully contributing to the future of the coin.

Actually, what would be really really super-groovy is a sort of about-the-devs Q&A.
- Who are you?
- Past projects and experience?
- Where you think CoinMagi will be next year, five years from now.
- Other interests besides crypto.
- How you got interested in crypto.
- etc.

And cross-post to the m-core blog, which has been stale for too long!

Agree with you about creating howto's, i'd love to read all howto's created by magi community. Could be a good idea to start a site for user collected howto's?
Can't anwser so much about the other about the other.

- Who are you? + - Past projects and experience?
I'm a 36 yrs old guy from Sweden. Currently working full time as developer (Also work with services / servers so devops) and has been in it since 2007, my coding experiance streaches all the way back to around 1998. One project of mine is https://poolinfo.systms.org but besides that I don't any personal projects.

- Where you think CoinMagi will be next year, five years from now.
Hard to tell where magi will be in 1-5 yrs from now.

- Other interests besides crypto.
Sure do, fishing is one of them

- How you got interested in crypto.
Found out about bitcoin in 2012 and started mining, got hooked and started reading up and magi caught my eye in 2014.

- etc.
Always love a cold beer

Hello friend ex33s, and what is the sweet spot? 

Sweet spot usualy is around 40-50 mh/s on the network. Old but info about PoW should still be valid http://coinmagi.org/files/misc/magi-cheat-sheet-v1.pdf or read here how the algo works https://arxiv.org/abs/1409.7948

Please do note that if you lower the block value too much, it might be that XMG won't be mined at all since it's not very profitable (or in a best-case scenario - which is very unlikely to happen - the value will go up).

Let's say this is the case:
a pool finds a block with a value of 1XMG.
100 shares were needed to find this block.
each share would equal 0.01XMG
That's nothing wrong, 0.01XMG is still ~$0.015 with the rate of 1XMG = $1.50

Now imagine this:
a pool finds a block with a value of 0.1XMG.
100 shares were needed to find this block.
each share would equal 0.001XMG or ~$0.0015 with the rate of 1XMG = $1.50
That's still doable.


Now for our more real-world example:
a pool finds a block with a value of 0.2XMG (which is about the current worth of a block)
381,728 shares were needed to find this block.
Each share would equal to about 0.000000523933272XMG or ~$0.000000785899908 with the rate of 1XMG = $1.50
That means you have to get 100k shares in order to get 0.0523933272XMG or ~$0.0785899908
With a Ryzen7 1700X AND an i5-4460 I get about 4 shares per second.
10000 / 4 == 25000seconds ==  ~7 hours
Now do the simple math to get your est. daily earnings:
24 / 7 == 3.42857142857
3.42857142857 * $0.0785899908 == $0.26945139702
The rigs shown above take about 220watts (total) and let's say power costs about $0.05 (which is dirt-cheap).
This means I have a daily loss of about $0.00545139702
Now if that is the case, people would quickly stop IF the block values didn't go up or the prices go up.


Of course, those examples are just that, examples, but it should give you to think about.

Of course ppl would stop mining in all if it's a total loss. In your example is a extremley low block reward (Even if it reflects the reality, this is the lowest block value I've seen). The block value can go all the way up to ~42 which in terms should even out the low points. The more realistic question is in that case - when is that happening?

Usually the block reward goes up fast then the big miners throttle back their miners. Even if the block reward "only" get's up 2 xmg per block that would give you an an total amount of ~$2.6945139702 which means after taking out your loss of $0.00545139702 gives us ~$2,689062573 in the blacks.

When block reward goes up, it usually goes in steps (1-2 blocks per step) before leveling off at a max of ~42 xmg.

[HeftyMagi]

The application has requested the runtime to terminate it in an unusual way.
Please contact the Application's Support Team for more information.

The new update stops syncing with the network, after a while, with this error.

Please help.

Anyone with this technical error?

have you updated to the latest version ? (1.4.5.3) , had same problem before

As mentioned, the new update IS 1.4.5.3. Facing issues with the same

did you try to download blockchain and extract it into roaming/magi did you delete old blockchain and all files except wallet.dat and conf

[trader03]

Amigos ya encontré la solución para que la minería a baja escala sea un poco mas rentable, (Solo tenemos que lograr que XMG aumente de valor, por lo menos entre unos $5 a $7 aproximadamente) ese sería un punto dulce tal vez, creo.

El obstáculo es como hacer que aumente de valor, tal vez creando campañas de publicidad a esta moneda para que mas gente la utilice y la compren mas y mas, atrayendo mas inversores, creando que aumente su demanda y a la ves logrando que su valor aumente, tal cual sucede con el BITCOIN.

Tal vez esta sea un de tantas opciones en la mesa.
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Friends and I found the solution for small-scale mining is a little more profitable, (We just have to get XMG to increase in value, at least between $ 5 to $ 7 approximately) that would be a sweet spot maybe, I think.

The obstacle is how to increase value, perhaps by creating publicity campaigns for this currency so that more people use it and buy more and more, attracting more investors, creating an increase in demand and see their value increase, as it happens with the BITCOIN.

Maybe this is one of the many options at the table. : - \

[SolsticeFV]

I guess current block value is temporary solution to test network after fork. Ofcourse with such reward nobody will mine this coin..

maybe some happy fans  

I don't know wether it's temporary or not (I'm not the dev so), but it was just to show that lowering the block value (without the coin value increasing) isn't a good idea

The devs have already responded to this I believe. One of them can correct me if I am wrong here...

The payout drops entirely by design if the hash rate gets too high on the network. Meaning if whales are present the block value will drop. This will encourage them to go elsewhere where they can make more money. After they leave the block rewards will increase by design. If they come back it will drop again.

We are just waiting for this fact to dawn on them and they move on.

Though I think in the long run it wont be a complete solution. As once it gets figured out, whales will pool hop. They will go mine Monero for awhile until the difficulty here drops and rewards get higher. Then they will switch back here until the reward drops. Then back to Monero...etc.

[finlaydag33k]

Of course ppl would stop mining in all if it's a total loss. In your example is a extremley low block reward (Even if it reflects the reality, this is the lowest block value I've seen). The block value can go all the way up to ~42 which in terms should even out the low points. The more realistic question is in that case - when is that happening?

Usually the block reward goes up fast then the big miners throttle back their miners. Even if the block reward "only" get's up 2 xmg per block that would give you an an total amount of ~$2.6945139702 which means after taking out your loss of $0.00545139702 gives us ~$2,689062573 in the blacks.

When block reward goes up, it usually goes in steps (1-2 blocks per step) before leveling off at a max of ~42 xmg.

The last 40 blocks found (by Bullmining and Suprnova) seem to be around 0.25XMG per block.
I see that it *can* reach 42 (why 42? cus it's the answer to everything? why not 37? it's the mathematical answer to everything ), but it doesn't do this atm (this is due to the big miners I can tell from your post?)

Amigos ya encontré la solución para que la minería a baja escala sea un poco mas rentable, (Solo tenemos que lograr que XMG aumente de valor, por lo menos entre unos $5 a $7 aproximadamente) ese sería un punto dulce tal vez, creo.

El obstáculo es como hacer que aumente de valor, tal vez creando campañas de publicidad a esta moneda para que mas gente la utilice y la compren mas y mas, atrayendo mas inversores, creando que aumente su demanda y a la ves logrando que su valor aumente, tal cual sucede con el BITCOIN.

Tal vez esta sea un de tantas opciones en la mesa.
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Friends and I found the solution for small-scale mining is a little more profitable, (We just have to get XMG to increase in value, at least between $ 5 to $ 7 approximately) that would be a sweet spot maybe, I think.

The obstacle is how to increase value, perhaps by creating publicity campaigns for this currency so that more people use it and buy more and more, attracting more investors, creating an increase in demand and see their value increase, as it happens with the BITCOIN.

Maybe this is one of the many options at the table. : - \

Easier said then done.
also, do mind that if XMG goes up in value, more big miners might join in as it's getting more profitable, decreasing your rewards anyways.
no offense, but your comment sounds more like: "Get it to $5 so I can leave with a nice profit" rather than an actual fix :p

[The Frisian]

Today 72 XMG mined, that's all time low.

https://chainz.cryptoid.info/xmg/#!overview

I hope no one has to pay for electricity, otherwise you lost your money today.

[trader03]

If the price of 1 XMG were reduced to 0.1 USD at the moment, I think it would be the end of all this, since it would need 7000Kh / s or 7000.0000 of H / s approximately to be able to obtain a measly 0.1 USD per day.

Unless, if you lower the price of 1 XMG increase the reward per block found.